A Creditor Beneficiary Can Enforce Either the Original Contract Against

question 71

True/False

A creditor beneficiary can enforce either the original contract against the original debtor-promisor or the new contract against the new debtor-promisor.

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Definitions:

HST

Harmonized Sales Tax, a combined tax that includes both federal and provincial sales taxes in some Canadian provinces.

Financial Liability

An obligation to pay money to another party, including loans, bond issuances, and accounts payable.

Notes Payable

A formal, written agreement to pay a certain amount of money, with interest, by a specified future date.

Deferred Revenue

Income received by a company for goods or services yet to be delivered or performed, recognized as a liability.